Scoda Tubes IPO subscribed 53.78 times on the closing day

New Delhi: The initial public offer of stainless-steel tubes and pipes manufacturer Scoda Tubes received 53.78 times subscription on the closing day of bidding on Friday.

The initial share sale got bids for 63,70,52,700 shares against 1,18,46,169 shares on offer, as per NSE data.

The category for non-institutional investors fetched 113.03 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 69.51 times. The quota for Retail Individual Investors (RIIs) received 19.39 times subscription.

Scoda Tubes on Tuesday raised Rs 66 crore from anchor investors.

The Gujarat-based company's IPO is entirely a fresh issue of equity shares, aggregating up to Rs 220 crore with no offer for sale (OFS) component.

The issue has a price band of Rs 130-140 per share.

Proceeds of the issue will be used to expand the production capacity of seamless and welded tubes and pipes, working capital requirements and general corporate purposes.

The company is a stainless-steel tubes and pipes manufacturer, catering to a diverse range of customers like EPC, and industrial companies engaged in oil and gas, chemicals, fertilisers, power, etc.

Monarch Networth Capital is the book-running lead manager to the IPO.